I suspect, without any hard evidence at all, that exchanges are re-hypothecating their Bitcoin holdings. That is, they have less Bitcoin than their customers have purchased in their accounts. When supply gets squeezed, and people move their coin out and there is a bank exchange run, they will be caught with their pants down and it will likely cause them to collapse. There are other reasons an exchange can collapse: Regulatory, security breach, financial insolvency, operational failure, and fraud - including selling what you do not have. So which of the big exchanges do you think will be the next to collapse?
Binance24.1%
Coinbase0.0%
Kraken3.4%
OKX0.0%
Kucoin17.2%
Bitfinex13.8%
MEXC6.9%
Huobi27.6%
Gemini3.4%
Bitstamp3.4%
29 votes \ poll ended
Binance pls
As OP I was not able to vote. But, this is my guess as well.
God hear us
Secretly hoping it's Crypto.com. Some poster on Reddit wrote about trading 1 BTC for CRO a month or so ago. Bragging his 20% APY 12 months lock up as a good trade. Fool.
Yeah. Handing over keys for yield reminds me of those short lived email to fax services. Replacing a good technology with an obsolete/broken one.
FTX was a wake up call. Everyone had plenty of time to unwind their leverage (I assume everyone was rehypothecating to some degree). Question is, who managed to unwind down to safe levels.
I assume Coinbase is as solid as you can be, if they are the prime custodian for ETFs.
CZ is a smart guy (far smarter than SBF ever pretended to be) so I assume Binance is relatively solid too.
I wouldn't touch anything else though, they could be so intermingled that one crash could cause a cascade.
If I were to select an exchange, it would certainly be a Bitcoin exclusive one. For me, this overrides the size of the exchange. River and probably to a lesser degree Swan (lesser because of the recent data leak) seem like far better choices than any "Crypto" exchange because of their focus on Bitcoin alone.
I'm not an expert in all of the exchanges, but the ones not headquartered in the U.S. in my opinion have a higher chance. There is still a haunting occuring from the FTX situation with our regulators, and it would look really bad if coinbase, or kraken went under - under their watch.
I think it could be MEXC still using and accepting Monero by the way, and my understanding is that they were one that already did it wrong. BingX
I'm afraid to think I'll be late to withdraw DCA sats from the next exchange
-Use an exchange that supports LN/Liquid withdrawals -Withdraw to a fedimint via Mutiny -use boltz.exchange and swap to Liquid directly
Don't let the sats build up to where it's too painful to lose.
Yes I know it. On the other hand small UTXOs will create more troubles in the future
Yep. It's a trade off.
Voted for Coinbase but that’s probably a wild guess. Ok, let’s rephrase: KuCoin
Coinbase will be the last one because their finances are the most see through transparent like glass
First one will be the stable shotcoin tether
Coinbase has no votes yet.
The choice is interesting. They are the largest, they are public, Blackrock and many other ETFs use them as key custodians. They have gone down the shitcoinery path, but their collapse would be financially catastrophic for many who don't practice the NYKNYC core principle. Coinbase collapse would wreak havoc in the market, but it would be just another Tuesday for OGs who have been through a cycle or two.
I just took a random guess at Huobi, just a random guess.
Well...you are not alone on that selection.
What makes you think Binance? I mean, I don't see why not being Binance, but anything particular?
In the early days, I had an account there and it seemed that they support every single shitcoin in existence. Hundreds if not thousands of them. Handling each one securely requires a massive coding effort and greatly expands the attack surface area. Security risk is real.
On top of that, their CEO was a fugitive and got hit with massive fines. They seem like they are in the crosshairs and powerful entities are seeking their demise. For these reasons, Binance may fail.
Oef, this is a tough one, I'm in a toss up between Kucoin, Houbi and Poloniex, looks like Justin Sun's been doing some serious double spending between his sock puppet companies
Why blackrock not on that list?
Because Coinbase is their custodian.
Blackrock exchanges fiat for bitcoin ious.
Indeed, but they never touch the coins. They have a desk (integration) with Coinbase that handles key management.
Probably one of the tier 2 or 3 exchanges like Kucoin, MEXC or Huobi
That would be funny if Bnb went down